The carmaker Škoda Auto canceled the sixth night shift, the so-called flexiconta, due to the coronavirus pandemic. Trade unions called for it to strengthen the health of employees. The company will not produce at full capacity. It has previously announced that it envisages production restrictions.
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Central bankers have done what the finance minister doesn’t want too much for. The Czech National Bank today published a new macroeconomic forecast. So what awaits us in the next few months? More in the new forecast of central bankers:
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Two banks in the Big Four published their results today – and they are remarkably similar.
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Komerční banka’s net profit fell by 45 percent to 6 billion and 100 million crowns (6.1 billion) in the first three quarters of the year. The bank, majority-owned by France’s Société Générale, also unveiled an updated strategic plan until 2025. It considers its financial performance to be sound despite the significant impact of coronavirus.
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The Czech and Slovak UniCredit Bank’s profit also fell by about 45 percent due to coronavirus. For the three quarters of this year, it announced a net profit of four billion and 180 million (4.18 billion) crowns. UniCredit Bank’s deposit volumes are falling, but the loans provided are growing.
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The Czechs spent a little less in stores in September than expected. And that was before the autumn wave of coronavirus virtually closed the entire retail business. Retail sales fell by a total of 0.4 tenths of a percentage point. The winner of this time is known: e-shops and delivery services.
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The largest German airline, the largest car manufacturer in America and the third largest Chinese online store today showed how they are doing in a pandemic. Let’s go gradually.
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German airline Lufthansa reported a net loss of two billion euros in the third quarter, more than expected. It also warned of the impact of additional coronavirus costs in the fourth quarter. Due to the still weak demand, it will still offer a maximum of a quarter of the usual flights at the end of the year.
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America’s largest carmaker, General Motors, increased its third-quarter net profit by 74 percent to $ 4 billion in the third quarter. However, vehicle sales in the US fell by almost 10 percent over the same period. Revenues were slightly below expectations: almost $ 35 and a half dollars.
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The sales of the Chinese online store Alibaba Group Holding exceeded estimates, the company continued to benefit mainly from the continuing interest in online purchases. In the period from July to September, sales increased by 30 percent to 155 billion yuan in terms of about 530 billion crowns.
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Amazon founder and head of online store Jeff Bezos sold shares of his company for more than three billion dollars (68 billion CZK) this week. He took advantage of the fact that their value has increased by more than 75 percent since the beginning of the year.
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And finally wine. Winemakers had to adapt this year’s St. Martin’s production to covid conditions and restrictions, because there are no traditional gastronomic events associated with drinking wine. According to information from the Wine Fund, one third fewer wineries are applying for the “Svatomartinské” brand than last year. The number of registered samples decreased by a fifth less. St. Martin’s opens every year on 11 November at 11 am.
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For an overview of business events from previous days, see in a quick video HEREif you want a quick overview of today’s economic news, go HERE, and if you are really interested in business and want to see its top form, look SEM.
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